VAT Revenue Rises by N41.7Bn in Q1 2021 – NBS

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The National Bureau of Statistics (NBS) said the federal government generated N496.39 billion as Value Added Tax (VAT) in the first three months of 2021.

According to the report, the sum of N496.39bn was generated as VAT in Q1 2021 as against N454.69bn generated in Q4 2020 and N324.58bn generated in Q1 2020 representing a 9.17% increase Quarter-on-Quarter and 52.93% increase Year-on-Year.

The NBS stated,

“Other Manufacturing generated the highest amount of VAT with N49.41bn generated and closely followed by Professional Services generating N42.50bn, State Ministries & Parastatals generating N26.96bn while Mining generated the least and closely followed by Pioneering and Textile and Garment Industry with N48.36m, N77.01m and N289.41m generated respectively.”

Out of the total amount generated in Q1 2021, N224.85bn was generated as Non-Import VAT locally while N171.66bn was generated as Non-Import VAT for foreign. The balance of N99.88bn was generated as NCS-Import VAT.

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